Philippine oil refinery secures 2.5 million barrels of Russian crude
Why it matters: Petron's Russian crude purchase prevents a shutdown that would cause nationwide fuel shortages for 30% of the Philippines' needs.
- Petron Corp secured nearly 2.5 million barrels of Russian crude, citing "extreme necessity" after four million barrels in shipments were cancelled since the Middle East war began.
- President Ferdinand Marcos stated that the Philippines' fuel stocks could last until June 30, as the country faces historic high fuel prices.
- AFP reported the arrival of a Russian crude tanker at Petron's harbor, a purchase made possible after the United States eased sanctions on Russian oil until April 11.
- Petron accounts for about 30% of the Philippines' fuel needs, and a refinery shutdown would lead to serious nationwide shortages and sharp price spikes.
- Energy Secretary Sharon Garin confirmed a separate government-procured shipment of 142,000 barrels of diesel from Japan, part of a target for up to two million additional barrels.
The Philippines' sole oil refinery, Petron Corp, has secured 2.5 million barrels of Russian crude due to "extreme necessity" and cancelled shipments, a move unthinkable before the US eased sanctions. This purchase aims to avert severe nationwide fuel shortages and price spikes, as the country's reserves dwindle amid geopolitical disruptions.
